(1) The American Indian endowed scholarship program is created. The program shall be administered by the office. In administering the program, the office's powers and duties shall include but not be limited to:
(a) Selecting students to receive scholarships, with the assistance of a screening committee composed of persons involved in helping American Indian students to obtain a higher education. The membership of the committee may include, but is not limited to representatives of: Indian tribes, urban Indians, the governor's office of Indian affairs, the Washington state Indian education association, and institutions of higher education;
(b) Publicizing the program;
(c) Accepting and depositing donations into the endowment fund created in RCW 28B.108.060;
(d) Requesting from the state investment board and accepting from the state treasurer moneys earned from the endowment fund created in RCW 28B.108.060;
(e) Soliciting and accepting grants and donations from public and private sources for the program; and
(f) Naming scholarships in honor of those American Indians from Washington who have acted as role models.
(2) The student achievement council shall adopt necessary rules and guidelines for the American Indian endowed scholarship program.